Plansmith Blog

NEW! Client Spotlight Episode 1: Richwood Bank

Posted by David Schwieder on 10/21/20 10:05 AM

We have some exciting news! Our first installment of Plansmith’s Client Spotlight Series is here. Our intimate spotlights are designed with you in mind. You’ll hear firsthand from our guests as they share their real-life experiences with planning, budgeting, managing risk, and making strategic business decisions.

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Go Beyond Just Budgeting: Build A Playbook & Control Your Results

Posted by Craig Hartman on 10/7/20 9:56 AM

Are you really planning, or are you just budgeting?

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3 Activities to Start ASAP This Fall

Posted by Sue West on 9/14/20 1:23 PM

Oh, Autumn. The changing of the leaves, the crispness of the morning air... and the crunching of numbers?

Yep. We're bankers. It's what we do. And fall, it's the perfect time for some of our favorite - and most crucial - banking activities.

Here are the 3 game-changing activities Plansmith recommends starting as early as possible in the fall:

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Gratitude in Crisis Times

Posted by Megan Plis Knapp on 9/2/20 2:36 PM

There’s something about summer that always represents freedom to me. It could be the Fourth of July resonating past the day of, or it could be the warm weather and carefree attitude that comes with it. Maybe it’s the road trips we take and barbecues we host with friends and family. Maybe it’s the trips to the pool or the beach. Maybe it’s the general sense of enjoyment that we try to soak up before the weather gets crisp again.

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My Budget Is Done, Now What?

Posted by Bill Smith on 8/17/20 2:30 PM

Most of us hate planning. So why would I want to start now, when I could wait until the usual time next year?

Actually, there are two great reasons to plan early and often:

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How to excel without Excel

Posted by Brett Hendricks on 8/12/20 10:47 AM

One of the most common calls we take at Plansmith is from a bank or credit union looking to improve their entire budgeting, forecasting, and board reporting process. While the organizations vary greatly in size, and the person calling is sometimes the president and other times a financial analyst – most often they all have one thing in common: “I’m currently using Excel.”

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Reforecasting: Planning for Real Life

Posted by Megan Plis Knapp on 7/17/20 11:00 AM

If COVID-19 has taught us anything, it’s that plans change.

For example, I had a cruise booked and paid for, including excursions to play with sea turtles and visit Mayan ruins this spring. Two of my close friends and I were set to venture from Tampa to Cozumel, Belize, and Honduras – live our best tropical lives, if you will. We were supposed to set sail April 19th and return April 26th.

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Managing Consolidated Performance Objectives: Why A Unified Software Platform Is So Important

Posted by Brett Hendricks on 7/8/20 9:00 AM

As Plansmith’s ‘budgeting software’ evolved from its onset in the early 1970s, it became referred to as a ‘profit planning model.’ This distinction was made because it was much more than just balances on a spreadsheet or basic historical trends cast forward for the next year.

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4 Reasons You Shouldn’t Wait to Implement CECL

Posted by Jim Groark on 6/9/20 3:00 PM

By now, you’re probably wondering what to do about CECL. Although it’s been delayed, the fact is that CECL is still happening. In our educated opinion, now is the time to start finalizing CECL plans.

Here are four reasons why we believe financial institutions shouldn’t wait to implement CECL.

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3 Reasons to Revisit Your IRR Policy Limits

Posted by Dave Wicklund on 6/3/20 12:17 PM

Do you have appropriate policy limits for all key interest rate risk measurements? How did you set your set them, and do they really still make sense for your institution?

When market rates weren’t changing, most institutions were in general compliance with policy limits. However, with the steady ramp up of rates through mid-2019, and then the massive drop in March of 2020, we’ve seen numerous financial institutions fall out of policy compliance. We’ve also heard from many of our clients that just aren’t sure what they should use for limits for the various non-parallel rate shock scenarios and now emphasized net income shock measurements. The old industry standard limits that so many institutions are still using just don’t seem to be working anymore.

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